The sale allows Beam to reduce "portfolio complexity in economy vodka and Canadian whisky" and focus on its more profitable growth brands, Matt Shattock, Beam's president and CEO, said in a statement. Beam has placed an emphasis on brown spirits as consumers gravitate toward classic cocktails made with bourbon and whiskey.

The portfolio Beam is selling to Luxco generated roughly $30 million in 2012 sales. The sale is expected to be neutral to Beam's 2013 earnings per share.